Ribs, Home Buyer in Wildwood Crest, NJ

I am interested in buying a vacation home in Wildwood Crest. I would like to take advantage of the low prices but I most likely will not qualify for

Asked by Ribs, Wildwood Crest, NJ Tue Sep 28, 2010

a mortgage. I have excellent credit but I am self employed and have been told that my stated income will not qualify me for a mortgage. Are any sellers offering private financing or are there any other means to reaching my goal of buying at the shore? Is seller financing available at all?

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There are still a few properties here and there that have seller financing with a decent sum down. Let us know if you are still looking. Have a great weekend.
0 votes Thank Flag Link Sat May 21, 2011
I just spoke to one of my mortgage reps , We do have a company who is doing A 10% down payment with a 740 credit score. If you are serious about be in the W ild woods, you really want to use a local company . I have seen many deals not make iy to the settlement table , then they try again with us and we got the deal done
0 votes Thank Flag Link Wed Sep 29, 2010
Hi Ribs
Once ia a while we come across a lender that will do a mortgage with a 10% downpayment.,provided you credit score meets there requirements , usually it has to be over 720. My wife and i are with Weichert Coastal Realtors in Wildood. We are the only Weichert in this area, and are office closes more deals than any other office on this island. I have some great mortgae reps who can get very creative and will leave no stone unturned in trying to get you a motgage. Please feel free to call me anytime as i will be glad to help you in any way
Nick Pappas
609 3344331
0 votes Thank Flag Link Wed Sep 29, 2010
Ribs:I feel your frustration. Being self employeed make it tmore difficult. My advice is to speak to your bank were you normally bank and speak the relationship manager. If you have been a good customer over the years then they should know you and feel confortable lending to you. However, don't be suprised if they want you to put down at least 25%. Most lenders are requiring this on second homes. Seller financing is an option, just have to find one who will do it. Just have to ask.
0 votes Thank Flag Link Tue Sep 28, 2010
Ribs, there are many different mortgage progams available. The best thing you can do is actually talk to a mortgage specialist who knowa these programs and can possibly help you. I work for Weichert, Realtors and Weichert has its own mortgage company. I can give you some contacts to speak to abd I would also be happy to help you find that vacation home you want. Please give me a call at 609-870-0066

David Read
Weichert, Realtors
0 votes Thank Flag Link Tue Sep 28, 2010
Ribs depending on your circumstances their possibly are loan programs available to you without documenting your income but it would be dependant on your savings. Please let me know if I can be of assistance.
0 votes Thank Flag Link Tue Sep 28, 2010
Depending on your income and money down, you may qualify--therefore, do visit with any qualified loan officer(s) first, or any smaller local community bank, or credit union and see if you do qualify--then go from there.
0 votes Thank Flag Link Tue Sep 28, 2010
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